S&P upgrades Toshiba

S&P said it raised Toshiba Corp.'s long-term corporate credit rating two notches to B from CCC+, along with its senior unsecured debt rating to B from CCC+.

The agency also said it continues to place the ratings on CreditWatch with positive implications.

S&P also said it raised its short-term corporate credit and commercial-paper program to B from C and removed the ratings from CreditWatch with positive implications.

The upgrades reflect are due to Toshiba's recently announced operating performance results, which showed a substantial improvement in its financial standing, the agency said.

S&P said it believe the company's financial standing will stabilize because both volatility in its earnings and the capital intensity of its main businesses, excluding Toshiba Memory Corp., are relatively low.

The continued positive watch is due to an expectation that the Toshiba's financial standing is likely to improve significantly if it sells Toshiba Memory, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.